Russia’s bitcoin mining industry is thriving despite the ongoing war and international sanctions. Russia has been a popular destination for bitcoin mining due to its cheap energy and cold weather, and it gained even more market share after China banned mining. The country’s conditions and improving mining economics continue to attract foreign firms. The US and other countries’ increased regulatory scrutiny and taxes make Russia more appealing for mining operations. Cheap energy and excess capacity from diverted energy flow further contribute to Russia’s mining profits. Major manufacturers Bitmain and MicroBT are active in the Russian market, offering repair services for local miners. The crypto industry in Russia has also benefited from the war and sanctions, as bitcoin mining provides an alternative revenue source and allows for currency exchange.
AI Sentiment: Positive